The MM company is compiling its accounts recivable schedule for 2017. Its expected sales for the...
The MM company is compiling its accounts recivable schedule for 2017. Its expected sales for the six months are:
January..............................$24,000
February ...............................19,000
March.............................................20,000
April................................................26,000
May.................................................23,000
June................................................26,000
The companyexpects 40% of Sales to be cash; the remainder are credit sales. The credit sales are paid off 50% in the month incurred, 30% in the second month, and 20% in the third month. Its accounts recivable balance as of December 31, 2016, was$14,000. This includes receivables of $4,000 from November credit sales which will all be collected in January, and $10,000 from December credit sales which will be collected6,000 in January and $4,000 in February.
Prepare a shedule of cash collections for the months January-June.
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The MM company is compiling its accounts recivable schedule for
2017. Its expected sales for the...
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